Tuesday, November 13, 2012

[Marine] "STX OSV to be sold soon"

While STX Group of Korea giving its best to build a sound financial base through attracting foreign investment and selling subsidiaries, Chairman Kang Duk-Soo revealed on November 8, "Disposal of STX OSV will be completed before the end of this month".

STX OSV is STX Group's major subsidiary based in Europe, majoring in specialized ship building and it made its record-high earnings last year.

STX has been under negotiation with Italian state-owned shipbuilder Fincantieri over disposal of its 50.75% shares in STX OSV.

STX is expected to secure over KRW 800bn ($735.5m) of funds from this disposal.

Meanwhile, STX Group has recently succeeded to secure foreign investment from Orix Corporation in Japan, totalling around KRW 360bn, by selling its shares on STX Energy.